Vista Land & Lifescapes, Inc., the listed property developer led by the Villar family, posted double-digit profit growth for the first nine months of the year, driven by strong demand for residential projects, particularly in areas outside Metro Manila.
The company reported a net income of P9.1 billion, up 10 percent from P8.2 billion in the same period last year.
Consolidated revenues increased 7 percent to P29.1 billion from P27.2 billion, with real estate revenues growing 12 percent to P13.6 billion from P12.14 billion.
“Our performance so far reflects our commitment to our set strategy of asset maximization and optimization as we capitalized on the strong demand from residential projects specifically outside Metro Manila, where we have the widest coverage,” said Vista Land Chairman Manuel B. Villar Jr.
Villar added that the company’s presence in 147 cities and municipalities helped mitigate the effects of softening demand in Metro Manila, impacted by the government’s POGO ban.
“We remain optimistic about the industry, especially in the provincial areas where demand continues to rise,” he said, citing reservation sales of P58.4 billion as of September.
Vista Land President Manuel Paolo A. Villar highlighted the company’s growing presence in residential and commercial sectors.
“Our residential business has sustained its growth, and we have seen a steady expansion in our 1.6 million square meters of commercial gross floor area, including 42 malls, 59 commercial centers, and seven office buildings, as foot traffic returns to pre-pandemic levels,” he said.
On liability management, the younger Villar said Vista Land would focus on a liability exercise for its dollar notes maturing in 2027.
As of the end of September, Vista Land reported total assets of P376.8 billion and equity of P138.8 billion, with a net debt-to-equity ratio of 83 percent.
Capital expenditures reached P21.2 billion, 71 percent of the 2024 budget, primarily allocated to project construction and land development.
In light of its strong financial performance, the company declared cash dividends of P0.1120 per share, payable on 12 December.
Vista Land also plans to resume its dividend policy of distributing 20 percent of the prior year’s net income in 2025.